Premium denim apparel vendor True Religion Apparel Inc.’s 75.6 percent leap in third-quarter profits blew past analysts’ estimates and prompted an increase in its full-year guidance.For the quarter ended Sept. 30, the jeans and sportswear marketer reported net income of $15.4 million, or 64 cents a diluted share, compared with $8.8 million, or 37 cents a share, in the same year-ago period. Net sales were up 63.9 percent to $79.4 million, from $48.4 million. Analysts polled by Yahoo expected earning per share of 47 cents on sales of $65.8 million. By division, U.S. wholesale sales increased 53.8 percent to $46.3 million from $30.1 million a year earlier, while international sales grew 3.2 percent to $11.2 million from $10.9 million. Direct sales almost tripled to $21.5 million from $7.2 million. Quarterly gross margins increased to 58.4 percent of sales, aided by the segment shift mix toward the company’s direct business, which was partly offset by increased sales of previous-season merchandise. The year-ago gross margin was 57.2 percent.“Our financial position continued to strengthen as we ended the quarter with $55.8 million in cash and cash equivalents, and no debt,” said Jeffrey Lubell, chairman, chief executive officer and creative director. “We are especially pleased with our ability to help fund our growth through our strong operating cash flow.”The company projected EPS to be $1.78 for the year, up from between $1.61 and $1.65, and for revenue to be about $265 million, up from $242 million. Analysts are looking for earnings of $1.65 on sales of $247.8 million.For the nine months, the Vernon, Calif.-based firm posted a 67.3 percent increase in net income, to $31.7 million, or $1.31 cents a share, from $18.9 million, or 79 cents a share. Revenue grew 63.4 percent to $197 million from $120.5 million. The firm;s U.S. sales rose 47.3 percent to $117.2 million, from $79.6 million, while international grew 24.1 percent, to $28 million, from $22.5 million. Direct sales almost tripled to just less than $51 million, from $17.8 million.
To celebrate Pride 2018, @themarcjacobs released the #GratefulNotHateful campaign, a social media initiative aimed at extending Pride beyond the parade. Inspired by Jacobs’ everyday outlook, the campaign features Jacobs along with a group of models and social media stars who are members and supporters of the LGBT community, all seen wearing @marcbeauty’s Highliner Gel Eye Crayons in colors of the rainbow. Head to our Instagram stories to see close-ups of the liner. #wwdbeauty
Virgil Abloh’s dad Nee and Don Crawley, cofounder of RSVP Gallery, were some of the hometown crew at the Chicago-born designer’s debut show for Louis Vuitton. (📸: @jdiderich ) #wwdmens #louisvuitton #virgilabloh
About last night: @marycharteris and @adwoaaboah hit up Hyde Park for the Serpentine Galleries’ annual summer party held in partnership with @chanelofficial. Head to WWD.com to see more photos. #wwdfashion
“This is Paris, my first show. I’m all about democracy. If some kid shows up, flew from New Jersey to just be around, let’s get him a seat.” — @virgilabloh tells WWD’s @jdiderich ahead of his first show for @louisvuitton men’s. (📸: @alfredo_piola ) #wwdmens #virgilabloh #louisvuitton
“Kate Spade was a true fashion icon who brought joy to the lives of women around the world, and inspired women to live life to the fullest. We are dedicated to carrying on her legacy,” said Anna Bakst, brand president and chief executive officer of @katespadeny. The Kate Spade Foundation announced that it will be donating $1 million to suicide prevention and mental health awareness in tribute to the recent death of Kate Spade. Read more on WWD.com. #wwdnews (📷: @chinseephoto)
A first look at @virgilabloh’s sneakers for @louisvuitton. Abloh spoke to WWD about his debut collection for Louis Vuitton, creating @kendalljenner’s #metgala outfit and redefining the heritage brand. Read the full story on WWD.com. #wwdfashion 📷: @alfredo_piola)
The world’s largest producer of denim @iskodenim is sharing the strategy behind its product development process. Read our full interview with ISKO’s product development manager Baris Ozden on the company’s extensive research practices, upcoming denim trends and the latest material innovations on WWD.com. #iskodenim